In the current global financial crisis, 15 September 2008 marked a decisive turning point. It was the day that the American investment bank Lehman Brothers Holdings, Inc. collapsed, exacerbating the financial turmoil and causing an extraordinary downward spiral in confidence. It was also the day on which the crisis truly hit Asia- Pacific shores, spreading beyond its equity markets and posing the greatest threat to development since the financial collapse of 1997. The impact on the region was seen most immediately in the financial sector, while the medium-term impact on growth will become evident in the coming months. Countries will be able to avoid the worst of the consequences by bolstering national policy actions with key concerted regional cooperation initiatives. CONTAGION RETURNS The region is once again the victim of contagion, although this time it is not between Asian economies but from abroad. Indeed, many of the policy failures blamed on the region in 1997 are evident once again in the United States of America and Europe, albeit to varying degrees — lax supervision of financial systems, excessive credit creation and build-up of asset bubbles. Asia-Pacific economies are better prepared for currency and balance of payments crises than they were a decade ago, having improved current account balances and built up a protective shield of foreign exchange reserves. This resilience notwithstanding, the improvements have not been enough to prevent domestic financial repercussions. The global shocks and contagion effects triggered by the financial crisis have brought to the fore certain country-specific vulnerabilities in the region, with external financial vulnerabilities playing an important role, as is discussed below.download
Tidak ada komentar:
Posting Komentar